Janis has borrowed $100,000 from the bank to buy a rare Pok´emon card. The bank has agreed to lend her this money at an

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Janis has borrowed $100,000 from the bank to buy a rare Pok´emon
card. The bank has agreed to lend her this money at an interest
rate of 13% p.a. effective. Janis has agreed to repay this loan
over 2 years, using 8 level quarterly installments. The first
installment is exactly 3 months from today.
Using this information, answer the following questions.
a) Determine the value of the effective quarterly rate.
b) Draw a cash flow diagram for Janis’ loan described above, and
then determine the size of the level repayment for Janis’ loan.
c) Suppose that Janis’ first repayment was instead 2 months from
today (the payments are still quarterly). Without doing any further
calculations, would you expect Janis’ quarterly repayments to be
larger or smaller than the amount calculated in part b)? Justify
your answer.